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26.10.202013:06 Forex Analysis & Reviews: Trading plan for EURUSD for October 26, 2020

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Technical outlook:

EURUSD has pulled back from last week's high around 1.1880 mark. The single currency pair is seen to be trading around 1.1822 levels at this point in writing after hitting intraday lows at 1.1803 earlier. Immediate resistance is seen around 1.2010, while intermediary support is see towards 1.1610 respectively. Also note that EURUSD has hit fibonacci 0.618 retracement of the drop between 1.2010 and 1.1610 levels respectively. High probability remains for a bearish bounce from here and a push below 1.1700 would be encouraging for further drop. A minimum drop towards 1.1400 can be expected, which is the fibonacci 0.382 retracement of the entire rally between 1.0636 and 1.2010 respectively. Only a consistent push above 1.2010 would change the bearish structure and bring back bulls into play.

Trading plan:

Remain short, stop @ 1.2010, target is 1.1400 at least.

Good luck!

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